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  • Swing Trade Idea – May 23, 2022

    May 23, 2022 Uncategorized Comments Off on Swing Trade Idea – May 23, 2022

    Market Setup pre-800ET

    •Global Markets:  USA, Europe, Japan, China, Hong Kong Asia – Mixed  global set-up

    •Commodities:  Gold, Silver, Oil and natgas, Grains, industrial metals (aluminum, copper, nickel palladium, zinc)

    •Yields: Yields slightly higher and steeper

    •Macro: Lower US$ is the main driver of equity commodity strength – caution that Euro short term extended

    •News: China: Beijing extending work at home; Europe: Lagarde: ECB likely to raise interest rates by Sept if inflation stabilizing at 2% – LOL!  But Euro higher which sparks commodities and equities;  German ifo Biz Climate 93 vs 91.5;

    •Stocks: VMW AVGO offer; Bitcoin higher -> Squeeze MSTR SI COIN SQ RIOT; Citi downgraded ANF GPS HPQ PLCE RL UAA GLW; MonkeyPox Names: SIGA EBS CMRX TNXP INO

    •Indices: Global indices presenting a mixed outlook with USA indices higher but range bound since futures opened Sunday night.  SPY below key 395 gamma level – above look for high gamma 400 and below look for support at 390. QQQ above 290 gamma level – above look for 295 and below look for support at 280. VIX futures partially uninverted and < 30 which can support markets today. SPY 1.8% move based on volatility.  Breadth is good premarket with laggards and shorted names leading. Normal for a rise into Mon post opex and potential for large moves. Many are expecting an oversold bounce but set-up is not the same as the March bounce. Look for SPY > 295 for large cap confirmation.

    •Stocks to watch: VMW GH MP EA DB CRK SBSW BAC ADSK AVGO   Spec Names: SRPT EMBS

    Pre-800ET

    Earnings XPEV

    Indices /btc SLV ARKK GDX XLF IWM XLE EFA XLI TLT

    S&P500 MSI NEM C JPM LNC LIN CCL BAC KEY SCHW PYPL MS DVN F AVGO ADSK GLW HPQ

    IWM EBS GME OVV MSTR AMC APPS LPSN APPS CLF VERU

    WSB GOEV OCGN RIOT GME MSTR BODY MSTR NET RIVN COIN SKLZ

    Trade Idea: PFE
    Big Pharma strength Friday and some continuation Monday. Catalyst today is third dose Covid vaccine approval for young children. Likely will not move the needle but premarket high 53 with open interest building at the 60 strike

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